Recent statements from former SEC official Marc Fagel shed light on the reasons for the delay in the XRP case, highlighting the importance of the commission's internal processes.
What Are the Reasons for the Delay?
Fagel clarified that the delay in reaching a settlement is not related to secret negotiations. The primary reasons are associated with the SEC's internal processes, such as drafting action memos, internal reviews, and scheduling commissioner votes. He emphasized, 'Nobody is holding up the case.'
Current Status of the Ripple Case
Fagel's commentary came after a closed-door meeting on July 17 that failed to deliver the anticipated breakthrough. Some XRP holders were hopeful for a swift resolution following Ripple's announcement to dismiss its appeal. However, Fagel pointed out that SEC enforcement votes can take weeks to be calendared.
Expectations of the XRP Community
Despite Fagel's measured tone, the XRP community remains eager for closure. If his assessment is correct, the wait may continue for several more weeks.
Thus, the delay in the XRP case is attributed to bureaucratic processes at the SEC rather than negotiations. The cryptocurrency community continues to await resolution.
